Jamison Expands With $39M Office Buy

Built in 1973, the 10-story office tower in the mid-Wilshire district was about 98% occupied at the time of the sale. According to T.C. Macker of Westmac, the building was in escrow for 11 months, with the seller extending escrow by 180 days to accomplish a 1031 exchange.

In addition to Macker, the Coldwell Banker Commercial Westmac team included David Thind and Patrick Sheekey. Thind notes that the deal closed at a 5.3% cap rate.

Privately held Jamison Properties owns more than 100 buildings comprising a portfolio of more than 22 million sf, with a market capitalization of more than $3 billion. Although most of the company's holdings are office buildings, its portfolio also includes medical buildings, shopping centers and residential developments.

For example, Jamison's medical building acquisitions late last year included a 100% leased 150,000-sf property in Long Beach that it acquired for $30 million, with the building occupied by three tenants including Long Beach Memorial Hospital and HealthCare Partners. That followed the company's earlier acquisition of a portfolio of medical offices totaling 198,000 sf in Orange County.

Although Jamison was known initially for acquiring office buildings in the Mid-Wilshire district where it got its start, the company has since expanded throughout Los Angeles County and into other regions of Southern California. One of its deals this year, for example, was the $29-million acquisition of two office buildings totaling 143,339 sf in Whittier.